有色金属与钢铁行业双周报（2025、04、25-2025、05、08）：关税预期缓和，金价小幅承压-20250509

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Views - The report highlights a slight pressure on gold prices due to eased tariff expectations and the Federal Reserve's decision to maintain interest rates [2][50] - The non-ferrous metals sector has shown a 1.87% increase over the past two weeks, outperforming the CSI 300 index by 0.06 percentage points, ranking 17th among 31 sectors [11] - The steel sector has increased by 2.85% in the same period, outperforming the CSI 300 index by 1.04 percentage points, ranking 15th [11] Market Overview - As of May 8, 2025, the non-ferrous metals sector's sub-sectors showed varied performance: - New materials up 7.15% - Minor metals up 4.95% - Industrial metals up 1.66% - Energy metals up 0.76% - Precious metals down 2.09% [15][51] - The industrial metals sector reported a revenue of 630.58 billion yuan in Q1 2025, a year-on-year increase of 5.86% [52] Key Company Insights - Recommended companies include: - Chifeng Jilong Gold Mining (600988) - Shandong Gold Mining (600547) - Zijin Mining (601899) [51] - China Rare Earth Holdings (000831) reported a revenue of 728 million yuan in Q1 2025, a year-on-year increase of 141.32% [53] - Kingstone Technology (300748) achieved a revenue of 1.754 billion yuan in Q1 2025, a year-on-year increase of 14.19% [53] Price Trends - As of May 8, 2025, key prices include: - COMEX gold at $3,310.40 per ounce, up $62 from the beginning of the month - COMEX silver at $32.86 per ounce, down $0.045 [29][50] - LME copper price at $9,474.50 per ton, aluminum at $2,408.50 per ton, and lead at $1,952.50 per ton [25]